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If you’ve been off the whole crypto radar, the following fact might surprise you: In 2021, Bitcoin was marked as the eighth largest asset in the world -overtaking the e-commerce giant Alibaba (!!!). Tesla held seventh place right above Bitcoin. These are just a fraction of proof of the possibilities and the rate at which crypto adoption is skyrocketing.
Gold has held its place as a great investment for centuries because of its nature in terms of reliability. Bitcoin, the world’s first cryptocurrency has similar properties when it comes to being a hedge against inflation. How cryptocurrency has been pursued primarily in developing countries is fascinating:
Nigeria
With a hyperinflation rate of 20.52%, the people of Nigeria are carving their path to financial freedom through cryptocurrency despite the bank bans. Peer-to-peer (P2P) transactions are very popular among the crowd. More than a third of Nigerians between the ages of 18 to 60 currently own or have traded crypto in the past 06 months.
El Salvador
El Salvador is known for its radical movement of being the first country to make bitcoin a legal tender. This movement has uplifted the country’s economy, especially in terms of financial accessibility and even resulted in a 30% rise in tourism.
Vietnam
Vietnam was ranked #1 with a 41% rate on a survey done across 27 countries on ‘Crypto Ownership’. The reason for this surge is the government’s support for digital assets also a huge burst of blockchain-based startups in the country.
The countries mentioned above are a few examples of what’s happening out there. Similar behaviours are seen in countries like India, Pakistan, Indonesia and in other developing countries in Asia and Africa. The inflation rates of most of these countries are at an all-time high, savings have no value and fulfilling basic needs like food and transport has become quite a challenge. People are seeking freedom.
What’s observed is that the governance and the existing system had ‘failed’ the people in these countries. There’s a history of financial instability and barriers to accessing traditional financial products. Most don’t even have a bank account. With everyone having access to a mobile phone and an internet connection crypto has been able to give people hope, the ‘access’ to a new financial system that is decentralized, and cost-effective. Cryptocurrency has opened new doors to international businesses for entrepreneurs, who otherwise would have to pay excess charges on remittances.
With everything the people of these countries have been through and are going through, crazy adoption levels for a potential solution are expected. What is also unavoidable are the roadblocks. The solution from what we see is not to ban or restrict but to educate and encourage. There’s an opportunity, we need education, consumer-friendly products and governing bodies to ease the adoption.
Bitcoin has given its users utility in terms of financial freedom. But what this decentralized ecosystem built on blockchain can offer lies far beyond just a medium for ‘trading’. NFTs are one such avenue.
As you may know, NFT (non-fungible tokens) are the future of digital assets. NFTs give ‘ownership’ and ‘create scarcity’ for any digital asset from music to art and can even be tied to any physical asset like real estate. This can be massive for the CREATORS and even for the governments of these countries in terms of creating a digital identity. On the other hand, COLLECTORS can invest in these projects or asset classes and earn revenue in return.
Now imagine how many artists, musicians, investors, and entrepreneurs can benefit and create something for themselves by doing what they love. How many new opportunities will it create for a country’s economy? It’s a new world on its own.
Cryptocurrencies together with the blockchain come together to create a decentralized system, governed by the people as supposed to a centralized authority like a government. This is what web3 is about. Anyone can be a builder, a creator, or a collector in the web3 ecosystem. Now what’s left is to get everyone on board 🙂
‘ YELO makes everything CRYPTO, simple, easy and accessible’ This is the ethos on which our YELO ecosystem is built. Ever since we got into this rabbit hole of uber opportunity, we’ve been on a ride building tools and applications to make this adoption an easy one for you.
The goal is to make the creators, entrepreneurs, and THE PEOPLE of all developing nations discover how this new technology can shift their lives entirely.
Our first step towards this is to cater easy access to crypto assets like Bitcoin for a price as low as $ 4.75 dollars. Visit- how to buy crypto with your credit/ debit card using F2C if you want to know more.
Information is provided for educational purposes only and is not investment advice. This is not a recommendation to buy or sell a particular digital asset. It is very important to do your analysis before making any investment or getting involved in a crypto project based on your circumstances.
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